Tata Motors rose 1.24% to Rs 419.25 after the company announced that it will be increasing the prices of its commercial vehicles (CV) up to 2% from January 2023.
While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles.The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike.
Meanwhile, the auto major's board approved partial divestment of the equity shares held by Tata Motors in Tata Technologies, a subsidiary of the company, through initial public offering (IPO).
The auto maker said that the IPO Committee, duly constituted by the board of directors, has accorded its in-principle approval to explore the possibility of partial divestment of the company's investment in Tata Technologies, a subsidiary of the company, through an IPO route at an opportune time, subject to market conditions, applicable approvals, regulatory clearances and certain other considerations.
Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. It is India's market leader in commercial vehicles and amongst the top three in the passenger vehicles market.
The company reported consolidated net loss of Rs 944.61 crore in Q2 FY23 as against Rs 4,441.57 crore in Q2 FY22. Net sales jumped 30.5% to Rs 78,846.92 crore in Q2 FY23 as compared to Rs 60,435.92 crore in Q2 FY22.
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